The Callisto tanker sits anchored in Port Sultan Qaboos as the visitors is down within the Strait of Hormuz, amid the U.S.-Israeli battle with Iran, in Muscat, Oman, March 12, 2026.
Benoit Tessier | Reuters
Oil costs rose Monday as the impasse in Iran-U.S. peace talks followers fears of an extended supply crunch, whereas consultants level to file low inventories.
Worldwide benchmark Brent crude futures for July gained 1.27% at $110.65 a barrel. U.S. West Texas Intermediate futures for June superior 1.75% at $107.26 per barrel.
U.S. President Donald Trump’s warning to Iran over the weekend indicators that the deadlock between Washington and Tehran over a peace deal and reopening the Strait of Hormuz may result in a resumption in armed battle.
Trump mentioned a Fact Social submit on Sunday that “For Iran, the Clock is Ticking, and so they higher get shifting, FAST, or there will not be something left of them,” including that “TIME IS OF THE ESSENCE!”
Brent crude
Whereas a fragile ceasefire was reached in April, tensions between Iran and the U.S. proceed with Tehran holding the Hormuz waterway principally closed, whereas the Trump administration continues to blockade Iranian ports.
The strait, previous to the warfare, noticed practically a fifth of the world’s oil and fuel supply movement via it.
The Worldwide Power Company, in its newest month-to-month replace, cautioned that oil inventories globally are depleting at a file tempo as the Strait of Hormuz stays closed. “Quickly shrinking buffers amid continued disruptions, could herald future value spikes forward,” the IEA mentioned.
Inventories will close to all-time lows of 7.6 billion barrels by end-Might, if demand for oil stays the identical month over month, in keeping with a report by Swiss financial institution UBS final week.
—CNBC’s Garrett Downs and Spencer Kimball contributed to the report.
Source link
#Oil #rises #IranU.S #deadlocked #peace #talks #fan #fears #extended #supply #disruption
